CryptoQuant Says Whales Are Sending Bitcoins to Exchange Wallets
Bitcoin’s value experienced a sharp increase on the night of Wednesday, November 28, reaching $38,130. This comes after a brief dip below $37,000 earlier in the week.
Experts who predict that BTC will surpass $40,000 by December have solidified their opinions. On the other hand, CryptoQuant, a company specializing in cryptocurrency analysis, is predicting a decline in its value.
Through their research, CryptoQuant discovered that large holders of Bitcoin, known as “whales”, are transferring their BTC to exchange addresses.
This indicates a growing proportion of BTC being held on exchanges, which is seen as a bearish signal by analysts.
It is worth noting that the opposite trend was observed earlier this year, where whale reserves decreased as they transferred their cryptocurrency to cold wallets, reducing the amount available for sale and easing pressure on the asset.
In mid-November, the whales had already sold off some of their cryptocurrency, resulting in a decrease in the number of wallets with a balance of more than 1000 BTC.
This allowed smaller investors to buy at a lower price, as noted by analysts from Santiment.
